Faced with shifting consumer preferences and a hefty debt load, David’s Bridal is said to be planning a bankruptcy filing that is reportedly part of an agreement with lenders. The company has said that it would not affect appointments and orders, CNBC reported.
David’s Bridal CEO Scott Key said in a statement, according to the outlet, “David’s Bridal will continue to lead our category with an unbeatable selection of beautiful, high-quality wedding and special occasion dresses in a wide range of styles, colors, sizes, and prices. For 60 years David’s has delivered for our customers on time, and the agreement announced today allows us to maintain that tradition for many years to come.”
At the same time, term loan lenders of the company have reportedly said that they would offer the retailer $40 million in an effort to support operations during the planned bankruptcy. David’s Bridal isn’t the only bridal retailer that has faced challenges: Alfred Angelo experienced liquidation about a year ago.
The news comes as David’s Bridal took a dive into the digital world with an acquisition over the summer aimed at making it easier for brides to register for wedding gifts. That is, the retailer bought online universal gift registry Blueprint Registry. Using the service, consumers can add gifts from any retailer, import existing registries and create cash registries. The deal between the two firms officially closed on Aug. 23, according to a past report.
Blueprint’s special sauce is its visual registries that enable users to create visual, room-by-room “blueprints” for those who want to purchase gifts. Retailers that appear in the highly curated catalog of goods include Target, Williams-Sonoma, Anthropologie, Crate & Barrel and West Elm. Key said at the time, “As we move forward, our goal is to make all wedding planning simpler for our customers by offering the additional services we know they need. We’re thrilled to integrate Blueprint Registry’s unique registry concept into our business in order to make the busy lives of our brides easier.”